CHARLOTTE, N.C., August 8, 2024 – AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, has been named as a Leader in the 2024 IDC MarketScape for Worldwide Accounts Payable Management Software Market for Mid Market vendor assessment 1 .
“We are incredibly proud to receive this recognition,” said AvidXchange President Dan Drees. “AvidXchange is committed to providing innovative solutions through AI-driven technology and exceptional service, enabling businesses to gain efficiencies, improve visibility and control, and scale for growth. We believe being recognized as a Leader by the IDC MarketScape serves a testament to the tremendous value that we continue to deliver for our customers.”
AvidXchange was most recently recognized as a leader by IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation Application for Midmarket, 2020-2021 Vendor Assessment.
The IDC MarketScape for Worldwide Accounts Payable Automation Software for Mid Market report evaluates vendors in the SaaS and AP spaces based on a comprehensive framework and uses a rigorous scoring methodology that incorporates both qualitative and quantitative criteria.
To learn more about AvidXchange, please visit avidxchange.com.
About AvidXchange
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 1,200,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, please visit avidxchange.com.
Forward-Looking Statements
This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “outlook,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “continue,” “will” and similar words and phrases indicating future results. The information presented in this release related to our expectations of future performance, including our commitment to providing innovative solutions through AI-driven technology and exceptional service, our ability to enable businesses to gain efficiencies, improve visibility and control, and scale for growth, and other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.
Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
1 IDC MarketScape: Worldwide Accounts Payable Automation Software for Midmarket 2024 Vendor Assessment (IDC #US5237862, July 2024)